CIBC Asset Management Inc cut its stake in Paychex, Inc. (NASDAQ:PAYX) by 1.6% during the second quarter, Holdings Channel reports. The firm owned 47,802 shares of the business services provider’s stock after selling 760 shares during the period. CIBC Asset Management Inc’s holdings in Paychex were worth $2,722,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PAYX. BlackRock Inc. boosted its position in Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after buying an additional 24,825,695 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock valued at $248,742,000 after buying an additional 813,930 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after buying an additional 759,973 shares in the last quarter. Morgan Stanley raised its stake in shares of Paychex by 27.5% in the first quarter. Morgan Stanley now owns 2,786,888 shares of the business services provider’s stock valued at $164,149,000 after buying an additional 601,496 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock valued at $581,112,000 after buying an additional 588,027 shares in the last quarter. Institutional investors and hedge funds own 68.60% of the company’s stock.
Paychex, Inc. (PAYX) opened at 54.78 on Friday. The company has a market capitalization of $19.69 billion, a price-to-earnings ratio of 24.35 and a beta of 0.96. The stock’s 50 day moving average price is $57.19 and its 200 day moving average price is $59.04. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $63.03.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter last year, the company earned $0.49 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. On average, equities research analysts anticipate that Paychex, Inc. will post $2.37 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, July 28th. This is a boost from Paychex’s previous quarterly dividend of $0.46.
Several analysts recently weighed in on the company. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a report on Sunday, August 6th. Robert W. Baird lowered their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price objective on shares of Paychex in a report on Thursday, June 29th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and issued a $60.00 price objective (down from $62.00) on shares of Paychex in a report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $59.16.
In related news, insider Michael E. Gioja sold 7,343 shares of the stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of the transaction, the insider now owns 55,632 shares of the company’s stock, valued at $3,193,276.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Martin Mucci sold 30,000 shares of the stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the transaction, the chief executive officer now directly owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. Insiders sold 92,497 shares of company stock valued at $5,300,889 in the last three months. Company insiders own 11.60% of the company’s stock.
Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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